HomeMy WebLinkAboutThe Huron Expositor, 1996-01-31, Page 5Where Service Counts!
YAMAHA
The Power To Satisfy
20 Dover St., Stratford
271-8911-
1 Open 6 Days a Week
Agriculture
Commiication key in farm transfers
BY DAVID ScaI'"I'
Expositor Editor -
Farm transfers Irony • one
generation to the -next can be
emotional and dill icult ordeals,
- especially when there ire'sev-
eral siblings involved,
About 100 local farmers
gathered at.Seaforth C'onirnun-
ity C'enlres-last Wednesday for
a. financial planning seminar
that dealt w.itli intergenerational
farm translcrs and estate
planning. "fhc day -long session
was sponsored by MetLife and
featured local company repro-
- sentativcs with -agricultural
backgrounds. Ken Nesbitt,
tKclly, John Jordan and
- David Vanscader addtesscd
various points of fano trans-
lers; estate plannln4' and
answered questions.
Communication is the "nwn-
bcr oncrthing to look at, said
Kc.I l.y.
"Farm people by nature tend
to keep to themselves. II- you're
• going to-translcr your operation
you better start talking. It's
irnpofrtant to get the tarok on
the table," he said.
. also mentioned) the.cnr
tion involved with lame trans,
fors since many til the oper-
ations have taken years of bard
work to build up.
The audicnce.was shown a
video Featuring a fanning fam-
ily in Saskatchewan going
through the process of transfer-
ririg the lamily.larru. A retiring
couple wanted to pass their
• lawn on to one of their sons.
They also had three other non-
larming children, one son and
two daughters. .
The video explored various
options available to the family
and host Nesbitt reminded
everyone that each farm trans -
for is unique and that
method may not be the choice
preferred by another family.
"Estate planning has to he
done prior to dearth. Everyone.
has an estate. Everyone is
.important," said Nesbitt.
"The main locus (of a land
transfer) N security oI capital
- of the operation and a lair and
equitable treatment of . the
children,"- said Kelly. 1le also
stressed that "equitable"
doesn't 'necessarily mean
"equal" amounts in estate for
each child.
IF the farm -presently isn't a
viable operation, don't bother
•
McMaster Siemon
Mt INSURANCE
BROKERS INC.
, ;1 1- 3,L
7,7-`2.A1 I
BROKERS
RILL 'SI N
AN+aMc7AGGART
DAIV PIIOCIOR
68 Ontario Rd. 348-9150
Mitchell 1-800-561-0183
"Farm people by nature tend to
keep to themselves. If you're going
to transfer your operation you
better start talking."
with a transfer. Liquidate it,
advises KcIIy.
The video looked at the retir-
ing couple figuring out how
much: capital they needed to
retire on, the annual farm
'profits and how to cover their
income shortfall. Both the
-retiring couple and the couple
hiking -over the farm estab-
lished their income -require-
ments- before- making final
decisions -on the land transfer.
The video tackled tough issues
like the- possibility of future
marriage break-up, of the
couple taking over the farm or
death of one of the spouses.
Following the video, Kelly
explored a number of different
options to fund a farm transfer.
"You can borrow the funds.
It helps keep capital inside the
operation. It can be expensive.
If you Ixlrrow half a million it
inay cost yea SL2.million to
pay off. And you could have
money going out in interest."
Selling assets -like equipment
and • machinery is another
option for funding a transfer-
but
ransferbut Kelly doesn't recommend
it. "It's like cutting off your
right arm. Usually you need
these things (equipment) to
help generate revenue."
As for savings and in"vcsting
money, do farmers have the
time, ui investigate investment
options? What if there is a
crisis and you need-somecapi-
tal quickly? What about the
taxes you have to pay on it,
asks Kelly. "It's better to put
the money hack in to your
operation." -
And as for winning the lot-
tery as a funding option, "good
luck. The MetLife sales manager
presented insurance funding as.
a cost-effective and tax-free
methcxl tci fund farm _transfers.
A farm estate planning
worksheet distributed at the
day -long seminar also reflected
that insurance, when compared
to borrowing and investing_
mune; , was a more cost effec-
tjve option.
Wills, power of attorney', life
MALCCOYLM
GRA
INSURANCE IROKERS
Allan Carter, Broker
• Home • Auto
• Commercial
• Farm
522-0399 Seaforth
1-800-265-0959 Strathroy
Send Your
Valentine i a
message to
remember!
PUBLISH YOUR VALENTINE
SENTIMENTS IN THE HURON
EXPOSITOR'S VALENTINE
HEART WARMERS COLUMN
insurance, RRSPs and RRIFs
are tools to help with the farm
transfer process. "Huge tax
situations and family misunder-
standing arise with estates left
unattended," said Kelly. "I
can't stress the communication
part of it enough. It's going to
take advance planning."
While the average Canadian
will work 85,0(X1 hours in
his/her lifetime to create their
estate and yet only spend 10
hours planning its distribution,
according to estate planning
information from MetLife.
Seaforth &, District
Community Centres
HOCKEY
POOL '96
RANK • STANDINGS Pts.
(as of Jan. 25/96)
1 Bach 1
2. Bob Henderson
3. T.N.L. #9
4. Billy.Boy (3)
5. - G&DIII
6. Brett 2
7. G&DII -
8. Tammy Martene
9. Couch Potato 3
10. M.H.R.R + S
11. Ice Hogs
12. Bob McNaughton #3
13. Yzerman
14. First Place.
15. -Gull
16. Leafs = Cup #2 -
17. Primetime 1
18. Joe III .
19. Kev C.1
20. Wayne Regele #2.
21. Doug Small
22. Dale Kennedy 2
23: Stormin Norman
24. Cooner #1 -
25. Dutch Trio 1
26. M-H.R.R. + S 11
27. C.M.M.S.F.
28. John Wilson
29. Coach Potato 1
30. Cooner#2
31. Hammer Them 1 -
32. Pens I
33. Glen Carter
34. Harry Jansen
35. Marty Bedard
36. Nora Flick •
37. Randy Whigham
38. G&DI -
39. Jim #2 •
40. Angel Two
41. Trevor Pnce - 1
42. Roy's Raiders'
43. Team Electric
44. Billy Boy (2)
45. Habs Miss Playoffs
46. TO.#1
47. Sparky 1
48. Walton's
49. A&W#3
50.
710
707
702
700
699
697
694
689
687
687
684
680
680
678
677
677
674
673
672
671
670
669
669
668
665
-665
664
663
662
660
659
659
658
658
657
656
655
654
654
653
653
652
652
649
649
649
648
648
646
Doug Vock 1 644
This ad sponsored by
SEAFORTH
527-0180
Here are samples of what you might say 4
Tell your Valentine how much you care.
Your special message will be published
Wed., Feb. 14'(Valentine's Day)...for only
$5.00 plus GST for 25 words or less
.20 each additional word. Prepaid.
If you're a romantic.,,it's easy
Just stop in The Expositor's Office at 100 Main St.
Seaforth, before Noon Monday, Feb. 12 and
your special message will be published
Valentine's Day.
Anne. 1 love you more
each and everyday we are
together.
Love Lee
For more information please call 527-0240.
The Huron Expositor
"Your Community Newspaper"
To my Ernie, fifteen
wonderful years together
and your stip a ball
Love Bert
4
"Families like to see the
operation stay within the fam-
ily," said Kelly. And farmers
want to enjoy the fruits of their
labour in their retirement after
working for years to build up
successful farms.
In case anyone missed the
MetLife. seminar, the Ontario
Ministry of Agriculture, Food
and Rural Affairs is offering a
course on Wednesdays, Feb. 7,
14, 21 and 28 from 7:30 to 10
p.m. at the OMAFRA seminar
room in Clinton on assisting
farm families with the sale or
transfer of a family farm from
one generation to the next.
OMAFRA has also produced a
video of their own on farm
transfers which was recently
aired on local stations.
For more information, please
call: 482-3428 or 1-800-265-
5170
Seaforth/Egmondvi I le
Broomball
Tournament
Results...
Men
A Champs- Deemerton.Dusters
A Runnerup- Dumpers
B Champs- 8" Liners
B Runnerup- Legion of Broom
Ladies
A Champs- Parr Line
A Runnerup- Perth Polarke
8 Champs- Blyth Rebels
B Runnerup- Crusaders
THANK YOU
to all members of our Broomball
League and the following local
merchants for the help. support
and donations before and during
our toumament.
T.M.P. Teatero Motor Products
Tuckers Meat Shop.
Pizza Train
Bob & Betty's Gift & Variety'95
Stedman's V & S
Hensall Distract Co -Operative
• - New Orleans Pizza -
Wilson Auto Service
BIA
Futures Hair Design
Seaforth Shell
Chnstine's Cafe
Commercial Hotel
Sparky's Place
TNI HURON EXPOSITOR, January 31, 1111.11-5
BNNV'S BALLN5, BELS & BOWS
NOW OPEN!
Getting Married? Celebrating
an Anniversary or Special Occasion?
We do decorating! We have party
supplies & rental items.
Give us -a call at 522-2011. Ask for Tracey.
Firewood
Hard Maple or Ash
SLABWOOD
Limited Time Offer
- Call now -
$130./17 cu. yd. -i ruck Load
Delivered within 209 miles
Mileage charge Beyond That
Large Quantity Discounts When -You Haul!!!
Craig Hardwoods Ltd.
Auburn, Ont.
19-526-7220
rt:
f
14i/
At
as A.J .. , . rs
Can't -decide what to grow this year? .
Perhaps you are interested in growing early
.maturity soybeans under contract for
Pioneer® Hi -Bred. -
For details call us at 1-800-265-0554 and atik
for Stu or Barb.
EVER(BODY'S DOIN' IT •
ski -doe.
Engineered For The Way You
Ride.
• SALES •
• SERVICE
• ACCESSORIES
1 1/4 Miles North of Seaforth
527-0120
STRATFORD
CYCLE CENTRE
•
The
INTREPID
SNOWMOBILER
By:
Craig
Nicholson
HOWTO BE SNOWMOBILE -FRIENDLY
by Craig Nicholson
(01995 by Craig Nicholson. All rights reserved.)
As snowmobiling becomes more popular and riders more demanding, I've
had many riders comment on what it takes for an establishment to be snow-
mobile -friendly. See rt any of your pet peeves have made this list.
Signs/Directions: There's nothing more frustrating than trying to find a place
with no signs on the trail. A business can't expect commerce from customers
who can't find it. It's time to start treating snowmobile trails like roadways
and advertise. Ond proviso: clubs operate the trails, so no signs should go
up that -they don't approve (and get paid for) first.
Trail Access' Snowmobilers want to ride to your door on snow. riot pavement
or gravel, so maintain trail access and don't plough your whole parking lot
bare. Expect to reimburse a club who grooms to your door. Sorfle towns
have excellent access, others poor. If a town wants snowmobiling business.
the trail in and out had better be well -marked and not end up depositing
sleds on the ploughed"main street.
Parking: Set aside a special parking area for snowmobiles where their own-
ers don't have to worry about being run over by a transport or having their
sled stolen. Good lighting and a fenced security enclosure are ideal.
Security: If your establishment develops a reputation for stolen sleds. snow-
mobilers will go elsewhere. To avert this problem. see parking above. or let
riders park their sleds in front of their hotel rooms. Two other good alterna-
tives are providing locks and chains for each guest or parking sleds
overnight in a locked (heated) garage or storage area.
Storage Space: Snowmobilers don't carry much with them and they're wear-
ing most of rt. Restaurants need to have secure space for helmets. boots
and jackets where nders aren't cramped or stumbling over one another.
Nothing makes a snowmobiler feels more unwelcome than having to pile
his/her gear on the floor around the eating table. Similarly. hotel rooms need
to. have kNs of hangers and space for spreading stuff out to dry. An offer to
use the hotel's dryer is appreciated.
Service Staff: Staff who are ignorant about snowmobiling can inadvertently
sabatoge business. Snowmobilers like to congregate with their own and this
includes knowledgeable oppeprrators who can answer trail questions and talk
the talk. It isn't necessary ttfat all staff be up toQpeed. but at least questions
should be refered to the folks who are. Having wall maps. club maps.
brochures. distances.. and traillweether conditions handy adds to your credi-
bility.
Food Service: Many snowmobilers want to grab a quick bite and get back to
the riding. Offering a quick special or two can speed them along and
increase your turnover too. Hearty home -style meals are popular. while nour-
ishing hot sdticis take the chill off. Go easy on the spices because trail heart -
bum is a fact of life.
Club Support: The success of snowmobiling in your area depends on trails
and the club volunteers who make them happen. Snowmobders will patron-
ize establishments that support snowmobiling, so call your local club and get
ole' board. Becoming a SIedPLUS Partner is an ideal way to demonstrate
your support to the snowmobiling public.
Odds 'n' Ends: Some of my favounte establishments have come up with
these ideas - access to a heated workshop and tools for emergency repairs:
free shuttle to stores or sled service: rag towels for hand -wiping or sled
clean-up: no service policy for non -permit holders; and limiting alcoholic bev-
erage service for those still riding.
Operators have to work their own way to snowmobile -friendliness. but
remembering that the only thing snowmobilers bung with them are their open
wallets should be motivation enough.
Until next time, happy trails and remember to Sled Smart - Ride Safe, Ride
Sober. Bring A Buddy to Srowarama. For club or driver training information.
contact the Ontario Federation of Snowmobile Clubs (OFSC) at (705) 739-
7669. To plan your Ontario tour. call 1 -800.283 -SLED. For Snowarama call
1-800-4613391.
: